Hello friends, As I write this, paypal shows an exchange rate of Rs 43.19 to a dollar. We all know how pathetic exchange rates offered by paypal are, and there is simply nothing we can do about it , but I was curios to know how paypal calculates exchange rates and are they allowed to give lower rates than what is prevailing in the market. I checked on XE.com and it shows Rs 44.74 to a dollar. Regards, Vipul
It is right. Paypal is giving around 1 rs low as current rate. But don't know why? May be it is their processing fees because no one works for free.
I also used to think that they give 1rs lower than market but, looking now (44.74-43.19 = 1.55) is more than a rupee....don't know whats going on. I know that nothing is free. Their services also cost. But then, they charge good 3.9% + $0.3 USD on every transaction....so makes you wonder, why they cannot give a good exch.rate
All money transfers cost, and all money exchanges cost. And as a monopoly player, Paypal knows that people are pretty much stuck with their solution and therefore sets their own exchange rates. Paypal also don't work with avista rates, they have a set rate for the day and or only changes it a few times per day, while it on themarket flows back and forth all the time. To protect itself from losing money, Paypal sets a security level, to make sure that they always make money. They are simply put only protecting their business. It's free to use their service and accept the fees or you are just as free to take your money and walk away, good luck finding some other payment processom with the same level of acceptance, security and ease of use.
paypal take money conversion charge 1.5/- per dollars thats why paypal exchange rate is 1.5/- lower than market rate.
Paypal is known to charge hefty conversion fees.... and they still have the nerve to list the withdrawal service... as FREE! Regards, RightMan
This is the way how paypal earns. You can simply think that Rs. 50 is very low fee for cross border money transfer.
They have a different exchange rate for 1 currency to other and yet another rate from the other currency to 1st again. The difference is sufficient to make them earn sufficient to run the company : )
Well conversion always attract hefty fees anywhere , try depositing a usd cheque in an indian bank account and see how much fee they deduct.
It is very sad that paypal is charging a lot of fees in exchange. They are earning a lot from this exchanges only. We have to take some actions on them. They always give less rate than the current dollar price.
Its your choice. You can stop using paypal if you think it is unfair to you. And they are giving their exchange rates. Its upto you to take it or not They are of course earning.They are here for earning.Not for charity.
agree with u if they will give you full rates then how they will pay to employee and office expanses ... lol
Here people in India, read up: https://www.paypal.com/in/cgi-bin/webscr?cmd=_display-fees-outside Paypal takes out 2.5% exchange rate fee. If you have so many complaints, why not move to another payment processor? It's a free market, but don't come around saying "no one has the same service" because that's exactly what you are paying for! So shut up and put up!
wooo....cool down bud !! lets keep it calm, its just a discussion going on.... thanks for the link !!
Hello, I agree with what Adraco says. They are here to earn and it's upto you to decide who you would like to use. And PayPal is not an exception here. Most private banks in India charge around 2-3% for such transactions (for ex. cashing out a check in USD or some other currency). And you can't do anything about it. So just stay cool. Regards, Arania